Singapore has embraced digital banks as a key part of its fintech ecosystem. Learn how these banks operate, who they serve, and why they’re reshaping financial services.

What Are Digital Banks?

Digital banks, also known as neobanks, offer banking services through mobile apps or websites, without any physical branches.

Key Players in Singapore

  • Trust Bank (Standard Chartered + FairPrice Group)
  • GXS Bank (Grab + Singtel)
  • MariBank (Sea Group)

What They Offer

  • Instant account opening
  • No minimum balance
  • High-interest savings
  • Free local transfers
  • Smart budgeting tools

FAQ:
Q1: Are digital banks safe in Singapore?

A: Yes, MAS-licensed digital banks follow the same regulatory standards as traditional banks.

Q2: Can businesses use digital banks?

A: Most digital banks currently focus on retail banking, but business services are expanding.

User Comments:

“Opening a Trust Bank account took me less than 5 minutes.” — Aaron Y.

“GXS Bank helped me build savings automatically without trying.” — Chloe T.

Editor’s Note:

Digital banks are built for convenience and accessibility. As competition grows, users benefit most.

Tags: digital-banking, neobank-singapore, fintech-banks, online-accounts

Related FAQs

Sophia Tan

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles

Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.